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The high wave candlestick reminds me of the long legged doji candlestick only the high wave is not a doji. Both have tall upper and lower shadows.
The high wave candle can be any color, but the long legged doji has no body so it has no color.

The high wave acts as a reversal just 51% of the time (think random) and a mid list performance rank of 67, where 1 is best out of 103 candlestick types.

High Wave Discussion

Testing the high wave candle shows that it acts as a reversal 51% of the time, which is about random, and that agrees with theory (indecision). The high wave candle appears
often, giving it a frequency rank of 17 (a rank of 1 means most often, 103 means almost invisible).

Overall performance is well behind the leaders, ranking 67. The best move came
after downward breakouts in a bear market. Price dropped an
average of 3.38% whereas a good move would be over 6% in 10 days. The best performance over 10 days ranks 60 and that happened in a bear market after an upward breakout.

High Wave Identification Guidelines

Characteristic

Discussion

Number of candle lines

One.

Price trend leading to the pattern

None required

Configuration

Look for tall upper and lower shadows attached to a small body. The body is not a doji (meaning that the opening and closing prices must be
more than a few pennies apart.

High Wave: Three Trading Tidbits

High wave candles that appear within a third of the yearly low perform best -- page 412.

High wave candles confirmed by an opening gap tend to perform best -- page 414.

Breakouts below the 50-trading day moving average tend to outperform -- page 414.

High Wave Example

The high wave candlestick shown on the daily chart at point A appears in an uptrend. For that reason, I would expect the breakout to be upward
and that is what happens (a breakout is when price closes either above the top or below the bottom of the candlestick).

The high wave candle has tall upper and lower shadows with a non-doji body. That means the opening and closing prices are far enough apart to show a body color.